MBA1592 Is Your Team Working On The Right Things? + Free Ride Friday

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Just leave us an itunes rating and review and you enter our weekly random draw. Just listen in on Friday to see if you won. It's that simple. It's our way to say thanks for showing us love on itunes. All right, let's jump into today's episode. Hey O. Welcome to the $100 MBA show straight to the Point Business ins single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar mba, a complete business training and community online. And in today's episode we're going to explore the question, is your team working on the right things? Many entrepreneurs, as they start growing their team, as they start making hires and have employees, they start asking themselves, is my team actually working on the most important things? Are they doing the things that are really going to get me closer to my goal or are caught up in the day to day mundane routine tasks that don't really move you closer to that higher level you're trying to achieve. This also makes us wonder, are we actually utilizing our resources properly? We're paying these salaries month after month. Well, in today's lesson, I'm going to break down how to reverse engineer your goals and make sure every team member is focused on what really matters. Many people don't intentionally try to be unproductive. They just don't know what to focus on. They don't have direction. That's your job as a leader. So we're going to explain how to lay it all out for your team so you can go to bed at night feeling confident that everybody is doing everything they can to reach your goals and they're not spending time on things that are just not going to help. So let's get into it. Let's get down to business. At the end of every month, every entrepreneur, every business owner is going to go through payroll, right? They pay all their employees and in that moment they start to realize how much money is going out the door and they start asking themselves, am I getting a return on investment? Are the people that I've hired and commissioned to do work? Are they working on the right things? Are they working on the things that are actually going to get me profits? Is it going to actually help the business move forward? I first want to say there's no reason for you to feel any resentment towards your employees. This is all on you. This is your job to make sure they're working on the right things. They're just going to do what you ask them to do. That's what employees do. Very few, if any, are going to take the initiative and say, I think I want to work on this, this and this. Because I really think it's going to help you achieve the goals that you're trying to achieve. Your job is to set out the goals and make sure they're mapped out with tasks and projects that your teammates to fulfill and that they're on task with those projects. They're actually working on them on a regular basis. Previously on the $100 MBA show, we've talked about creating a strategic plan. You're going to need this plan in order for you to fulfill. Today's aim is to make sure everybody's working on the right things. But really quickly, a strategic plan is going to plan out the goals you have as a business for each quarter this year, as well as some long term goals a year from now, three years from now, ten years from now. But for today's purposes, you're only going to focus on the part of the strategic plan that's talking about each quarter of the current year. In this plan, you are mapping out all the goals you have. They could be financial goals, they could be retention goals, keeping X amount of customers. It could be growth goals or projects you're working on to contribute to those goals. Whether it's a new feature for your software or a new course that you're adding to your products, or a new service you're going to add to your services. Everybody on your team needs to be working towards those goals, those projects, they must be doing something to contribute to it. Let me give you an example. One of our goals at Webinar Ninja on that strategic plan is to lower our Churn. Churn is the percentage of customers that leave you every month. So if that's the goal, if that's going to help us improve as a business, that is the right thing that everybody should be working on. Okay, this is just one of the things. But if everybody in our team is working on this, they are working on the right thing. So in customer service, they have a goal that maps to churn, meaning that they have to have a certain number of positive ratings, a certain percentage of customer satisfaction. So anything that's 95% or above for the month or will contribute positively to lowering churn. Our engineers need to make sure that they're clearing out any bugs or issues or fixes they need to lower Churn. Marketing needs to make sure that they're inviting the current members to our member webinars to help retain them and lower churn. Everybody, every department, can do something to contribute to that goal. And this is just one example of several goals you might have in your strategic plan for the quarter. But if everybody is mapped out their tasks, their duties are mapped out to those goals, it helps you make sure everybody's doing the right thing. You need to make it clear to your team that the things that are mapped to the strategic plan are the top priority. We also have a new customer growth goal. So any kind of marketing or content or these podcast episodes help towards that goal. I can continue to give you examples, but I think you get the point. Too many of us have our team members doing a lot of admin. A lot of repetitive tasks don't really move the needle. Take a look at what everybody's doing on your team one by one, maybe even on a one on one call, and find out if you can remove some of the stuff that doesn't really change the outcomes, doesn't really move you towards those goals you mapped out and add more tasks that do. This makes your employees feel empowered, makes them feel like they're doing something significant. It energizes them. It's amazing. Let me give you an example of this. One of our goals for the $100 MBA is to grow our audience here on the podcast. Even though we've been doing this podcast for over six years, it's really important for us as a team to continue to grow. One of the projects we're working on right now is a mini series we are doing for Himalaya Media on the Lyceum platform. We're going to be doing a short course on how to start your first online business. This is a fresh new project. It's going to be a 10 part series and everybody on the team that works on the podcast is so pumped because this is exciting, this is something new. This is going to help us get more exposure and help new entrepreneurs that we currently don't have access to on a different platform. It's going to be a lot of work, but because it's exciting, because it's fun, it's going to make it easier. Also, knowing that it's contributing to the greater goal will make us feel like, hey, we put in a good day's work. Everything we've done towards that project feels like we're doing something that matters versus just doing the same thing over and over with nothing new. Momento se no frecido porriquea encuentre en su pas interior Ordenando suropa interior. Guys, it's no use putting it off. The best time for an underwear refresh is now. Tommy Don Underwear is designed for a perfect fit that slightly stays put all day. 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They need to be mapped to your greater goals for the quarter, for the year. And in my personal opinion, you should definitely use the 8020 rule here. You should have them spend 80% of their time towards tasks that contribute to this bigger goal. 20% can be maintenance, admin meetings, things like that, emails, but any more than 20%, you're really wasting your talent. You're wasting your teammates times and you're really wasting the whole point of having this employee, having this team member. Now the trick to this is is that they're not going to stay the same. These goals will evolve. They change. You'll meet these goals. So there'll be new goals, which means there'll be new tasks and new responsibilities aligned to them. So what your team members are working on today towards a certain goal will change because the goal will change. So you got to be on top of that. So one of the best ways to do this is to plan this out in advance. All four quarters of your business for the year have the tasks that line up to each goal. That means every quarter some tasks are changing. This may not work perfectly like meaning that you'll have new tasks every three months, but you should strive towards it. That way you actually get closer to the mark than not trying at all. It's like that old saying, shoot for the moon because if you even come up short, you land among the stars. Thank you so much for listening to the hundred dollar NBA show. Today's episode's not over though. It's Free Ride Friday. Let's see who won this week's Free ride. And the winner is Papa Scribs. Papa Scribbs says great insights. Five stars. Found this podcast during COVID Quarantine during my new early morning walks. Having owned a few corporations in the past, I now work for a large corporation. This podcast has fired up my entrepreneurial fire and continues to provide valuable insights to topics that have never been top of mind for me. Very easy to consume. Thank you. Well, thank you Papa Scribbs for that amazing review. You are our Free Ride Friday winner. Make sure you email me over@omar00nba.net so I can hook you up with the lifetime membership to Easy course. It's that simple guys. If you want to win access to one of our programs, just leave us an iTunes rating and review. Do it right now and you enter our weekly random draw. Listen in on Friday, like today to see if you won. It's that simple. It's our way to say thanks for showing us love on itunes. Before I go, I want to leave you with this. By mapping tasks to goals, it creates a culture in your team that nurtures accountability that really reinforces the fact that, hey, we're all responsible for hitting the company's goals. We all need to do something to get there. It's not the founder's job. It's not just the manager's job. And everybody else is just worker bees. No. Everybody has to do something so we can move the needle, so we can get closer to our goals, so we can all win. This creates a sense of camaraderie and teamwork and a spirit of hey, we're all in this together. I love it. Thank you so much for listening and I'll check you in Monday's episode. I'll see you then. Take care.

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